Warning to agents – Verification lags behind AI-inspired fraud
Summary
The article reports that impersonation scams are becoming more costly, with Lloyds data showing a rise in average losses and criminals increasingly using AI-inspired tactics to exploit trust. An AML specialist argues that verification and identity-checking processes are not keeping pace with modern fraud, creating both financial and legal exposure for regulated firms.
Why it matters
Residential property surveyors may encounter fraud risks where identity, authority to act, or source of funds need to be checked in transactions and related professional services. The piece reinforces the need for robust verification and ongoing monitoring to reduce exposure to financial crime and compliance failures.
Key points
- Average losses to impersonation scams have risen 10% to £3,516.
- Fraudsters are posing as banks, police, HMRC and broadband providers.
- An AML expert says verification infrastructure is lagging behind modern fraud techniques.
- Weak or inconsistent identity checks can expose firms to legal, financial and reputational risk.
- The article stresses the importance of pre-transaction checks and ongoing monitoring.
This is an RPSA summary of a publicly available article. The full content remains with the original publisher.
